BRUSSELS (dpa-AFX) - The German market is down sharply in negative territory on Tuesday with stocks from across several sectors reeling under pressure as investors react to mixed earnings updates, and weak U.S. manufacturing data and hawkish comments from some Fed officials.
Worries about the potential impact of the government shutdown in the U.S., rising possibility of the European Central Bank holding interest rates at current levels, and slightly fading enthusiasm for AI also appear to be rendering the mood cautious.
The benchmark DAX dropped to an over 1-month low to 23,760.00 this morning, was down 385.43 points or 1.6% at 23,725.00 a little while ago.
Except Vonovia and Beiersdorf, which are up slightly, other stocks in the benchmark index are down in negative territory.
Fresenius Medical Care is down 5.6% after the dialysis specialist maintained its 2025 targets after reporting better-than-expected third-quarter results, helped by cost cuts.
Adidas, Zalando, Continental, BASF, Heidelberg Materials, Deutsche Post, Infineon Technologies, Deutsche Telekom, Fresenius, Scout24, Rheinmetall, Deutsche Bank and Volkswagen are down 2 to 2.7%.
Siemens, BMW, Daimler Truck Holding, Mercedes-Benz, SAP, GEA Grup, Brenntag, MTU Aero Engines and Commerzbank are also down sharply.
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